Newark-based Public Service Enterprise Group (PSEG) on Monday released its 2019 Sustainability Report, which includes Complete Sustainability Accounting Standards Board (SASB) disclosures, an ESG materiality assessment and map, and 12 sustainability goals.
PSEG says it mapped its programs and initiatives to the United Nations’ Sustainable Development Goals. It will also adopt the Task Force on Climate-Related Financial Disclosure framework for reporting environmental, social, and governance disclosures, beginning in 2020.
PSEG says it plans to achieve a meaningful reduction in total employee incident cases, a first decile in system average interruption duration index, a 21.7 percent reduction of absolute methane emissions from 2018 to the completion of Gas System Modernization Program Phase II at the end of 2023, and supplier diversity of 30 percent by 2023 as measured by percentage of total spending allocated to minority-, women-, veteran- and LGBTQ-owned suppliers.
“Our 2019 Sustainability Report showcases PSEG’s commitment to sustainability and performance on environmental, social and governance topics,” PSEG Chairman, President and Chief Executive Officer Ralph Izzo said. “While our first century has been based on the mission to deliver universal access to electricity and natural gas – safely and reliably – our second century will be marked by going beyond this mission to deliver the innovative clean energy solutions our customers want.”
The 2019 report is a compendium of PSEG’s annual performance in the area of sustainable development, as well as the principal activities and projects undertaken, including the organization’s approach to sustainability, environmental stewardship, corporate governance, PSEG’s impact on society and efforts to foster thriving communities.
Consistency and transparency are critical for environmental, social and governance (ESG) planning. Through its utilization of SASB Standards – a table with the utility sector’s applicable information can be found in the 2019 Sustainability Report – PSEG said it aims to simply and efficiently identify, manage, disclose and communicate financially material sustainability information to stakeholders.
Eye on the prize
PSEG also commenced public reporting on 12 long-term ESG/sustainability goals, included above, covering improvements in areas such as health, safety and reliability, and reductions in areas such as methane and other air emissions.
“PSEG has already achieved one of the lowest carbon emission rates among the largest U.S. power producers,” Izzo said. “PSEG Power’s fleet has reduced its carbon emission intensity by more than 40 percent since 2005, and is about half the emission intensity compared to the national average. The goals and commitments we announce today showcase our dedication to continuous improvement across all ESG measures.”